Peters Company leased a machine from Johnson Corporation on January 1, 2021. The machine has a fair value of $22,000,000. The lease agreement calls for five equal payments at the end of each year. The useful life of the machine was expected to be five years with no residual value. The appropriate interest rate for this lease is 12%. Other information: PV of an ordinary annuity @12% for 5 periods: 3.60478 PV of an annuity due @12% for 5 periods: 4.03735 Required: 1. Determine the amount of each lease payment. 2. Prepare the journal entry for Peters Company at the beginning of the lease. 3. Prepare the journal entry for the first lease payment (ignore amortization). 4. Prepare the journal entry for the second lease payment (ignore amortization).